February 2026
NYSE: MMI
The LAAA Team (LA Apartment Advisors) was co-founded by Glen Scher and Filip Niculete in 2018 and specializes exclusively in multifamily investment sales and multifamily land across Los Angeles, Ventura, and Santa Barbara counties. The team maintains direct relationships with over 40,000 apartment investors and 10,000 brokers, leveraging the Marcus & Millichap platform, the largest commercial real estate investment sales firm in the U.S. by transaction count. M&M closed 7,836 transactions totaling $49.6 billion in 2024.
Over 60% of all Marcus & Millichap transactions involve a 1031 exchange, creating a perpetual buyer pipeline that benefits every LAAA listing. This exchange network, combined with M&M's proprietary MNet buyer-matching system across 80+ offices and 1,700+ agents nationally, delivers a level of market exposure and deal execution that competitors cannot replicate. Half of our apartment listings sell in under 5 weeks.
• Chairman's Club - Marcus & Millichap's top-tier annual honor (Glen: 2021; Filip: 2018, 2021)
• National Achievement Award - Glen: 5 years; Filip: 8 consecutive years
• Sales Recognition Award - Glen: 10 consecutive years; Filip: 12 years total
• Traded.co National Rankings - Glen Scher: #8 Deal Junkies, #8 Hot List, #8 Rising Talent
• Connect CRE Next Generation Award - Filip Niculete (2019)
• SFVBJ Rookie of the Year - Glen Scher
The LAAA Team has closed multiple apartment transactions in the Glendale 91202 zip code and the surrounding Glenwood, Verdugo Viejo, and Rossmoyne submarkets. Recent nearby closings include properties on W Stocker St, N Columbus Ave, and W Glenoaks Blvd. Our active buyer database includes over 40,000 apartment investors, many of whom specifically target the Glendale market for its favorable regulatory environment (no local rent board, no transfer tax) and proximity to Burbank entertainment employers. We are familiar with the competitive landscape on this block and maintain direct relationships with several of the most active multifamily buyers in the 91202 corridor.
The LAAA Team of Marcus & Millichap is pleased to present Stocker Gardens, a 27-unit multifamily portfolio located at 420-428 W Stocker St in Glendale's premier Glenwood neighborhood. The offering consists of two adjacent parcels totaling 1.11 acres with five wood-frame buildings, including a 4-bedroom Craftsman front house and 26 apartment units. The property delivers approximately 19% rental upside, significant ADU development potential under SB 1211, and over $117,000 in recently completed capital improvements, making it a well-positioned value-add opportunity in the Glendale submarket.
Built in 1953/1954, Stocker Gardens encompasses 22,674 square feet of gross building area across 27 units: one 4BR/3BA Craftsman house (2,500 SF), 24 two-bedroom/one-bath apartments (750 SF each), and two one-bedroom/one-bath apartments (650 SF each). The combined lot measures approximately 160 feet wide by 300 feet deep, creating a rare 48,353 SF site with approximately 8,000 SF of rear parking area ideally suited for ADU infill. All apartment units are individually metered for gas and electricity, minimizing owner utility exposure. Current gross scheduled rent totals $740,748 annually, with pro forma potential of $878,280, representing approximately $137,500 in annual rental upside achievable through natural tenant turnover and light interior renovations.
The seller has invested heavily in the property's physical plant, completing over $117,000 in capital improvements in 2024 alone, including plumbing and electrical upgrades, deck reconstruction, window replacements, HVAC repairs, exterior painting, and appliance replacements. Units A through H on the 420 parcel were repiped in 2005, and the 428 building's walkway and stair surfaces were recoated with fiberglass in 2023-2024 with all inspections passed. These completed improvements meaningfully reduce a buyer's near-term capital exposure and allow for immediate focus on income growth through unit turns and ADU construction.
Stocker Gardens is situated in Glendale's Glenwood neighborhood, north of Glenoaks Boulevard in the highly desirable 91202 zip code. The location has been described by competing listing agents as "arguably the best location in Glendale," nestled just below multimillion-dollar hillside homes while remaining steps from daily conveniences including Starbucks, cafes, and neighborhood shops. Three schools are within one block walking distance, and the property benefits from the Glendale Unified School District, one of the highest-performing districts in Los Angeles County. The Walk Score of 88 (Very Walkable) reflects the neighborhood's strong access to everyday amenities on foot.
The property is positioned within a well-established rental corridor along W Stocker Street, surrounded by similar vintage multifamily properties ranging from 5 to 33 units. Regional access is excellent via the SR-134 Freeway (Pacific Avenue exit, approximately half a mile south), connecting residents to Burbank, Pasadena, and the greater LA basin. Downtown Glendale, with its concentration of retail, dining, and entertainment at the Americana at Brand and Glendale Galleria, is a 4-minute drive or 7-minute bike ride. The Glendale Transportation Center provides Metrolink commuter rail service to Downtown LA and points throughout the region. Employment drivers include proximity to major entertainment studios in neighboring Burbank, including Warner Bros., Walt Disney Studios, and DreamWorks, which sustain consistent tenant demand throughout northwest Glendale.
From a hazard and environmental standpoint, the property carries a low risk profile. It is not located in a fire hazard severity zone (confirmed by city permit records), sits in FEMA Zone X (shaded) indicating moderate flood risk with no federal flood insurance requirement, and has no known environmental contamination per DTSC and GeoTracker records. Glendale does not have a mandatory soft-story retrofit ordinance, though buyers may wish to evaluate voluntary seismic improvements given the 1953/1954 wood-frame construction.
| Walk Score | 88 (Very Walkable) |
| Transit Score | 44 (Some Transit) |
| Bike Score | 59 (Bikeable) |
| School District | Glendale Unified (top-performing) |
| Nearest Freeway | SR-134 (~0.5 mi south) |
| Submarket | Glenwood (MLS Area 1255) |
| Zip Code | 91202 (Northwest Glendale) |
| FEMA Flood Zone | Zone X (Shaded) |
| Fire Hazard Zone | Not in VHFHSZ |
| Environmental | No known contamination |
Broad appeal across buyer segments supports competitive pricing and a short expected marketing period.
"The property is 70+ years old. What about deferred maintenance?"
The current owner invested $117,264 in capital improvements during 2024, including plumbing/electrical work, deck reconstruction, window replacements, HVAC repairs, exterior painting, and appliance replacements. Roofs on all three structures were replaced between 2007 and 2012, and the 420 building was fully repiped in 2005. The 428 building's walkway and stair surfaces were recoated with fiberglass in 2023-2024. These completed improvements meaningfully reduce near-term capital exposure for a buyer.
"Unit 428-9 is at $900/month. Is there a problem tenant?"
The below-market rent reflects a long-term tenancy. Under California's AB 1482 vacancy decontrol provisions, the unit resets to market rent ($2,650) upon natural turnover with no cap on the initial asking rent for a new tenant. This unit represents $21,000 in annual upside on its own and is a feature of the value-add opportunity, not a liability.
"The Prop 13 reassessment will increase taxes from $49K to over $100K. Does the deal still work?"
Yes. The operating statement presented in the Financial Analysis section already reflects property taxes reassessed at 1.13% of the sale price. The 5.00% cap rate at the $9.0M apartment value is calculated after the full tax step-up, not before it. There is no hidden tax surprise in the underwriting.
"Ground-up redevelopment doesn't pencil. Isn't the land undervalued?"
The Development Potential section demonstrates that the existing buildings are the highest-and-best use of this site. The $13-15M development gap, combined with SB 330 replacement requirements and tenant relocation costs, makes demolition economically impractical. The practical value-creation path is ADU infill construction in the rear parking area, which generates an estimated 54% ROI on a $1.65M investment with no tenant displacement and by-right ministerial approval.
"Why is the ADU premium priced into the listing if the buyer has to build them?"
The $350,000 ADU premium represents approximately 39% of the estimated $896,000 development profit under realistic assumptions. The buyer retains 61% of the upside even at the full asking price. The premium reflects the scarcity of 1.1-acre multifamily sites with 8,000 SF of buildable rear area and the near-zero entitlement risk of SB 1211's ministerial approval process. At the trade floor of $8,850,000, the ADU premium drops to $200,000 (22% of profit), giving the buyer nearly all of the development upside.
| Address | 420-428 W Stocker St, Glendale, CA 91202 |
| APN | 5636-001-020 (420) / 5636-001-021 (428) |
| Year Built | 1953 / 1954 |
| Units | 27 (1 house + 24x 2BR + 2x 1BR) |
| Building SF | 22,674 |
| Lot Size | 1.11 Acres (48,353 SF) |
| Lot Dimensions | 160 ft x 300 ft (combined) |
| Per Parcel | 80 ft x 300 ft each |
| Construction | Wood Frame |
| Buildings | 5 |
| Zoning | R-1250 (High Density Residential) |
| FAR | 0.47 current (1.2 max) |
| Rent Control | AB 1482 + Glendale Ord. 5922 |
| Stories | 1-2 |
| Parking | Surface + Carport |
| Rear Parking Area | ~50 ft x 160 ft (~8,000 SF) |
| School District | Glendale Unified |
| FEMA Flood Zone | Zone X (Shaded) |
| Fire Hazard | Not in VHFHSZ |
| Submarket | Glenwood (NW Glendale) |